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we have government shut downs and debt ceilings. vice president sebiden is meeti with the nra and senator feinstein wants to ban handguns the kudlow report begins right now. >> cnbc contributor jared bernstein. i can't think of a single reason why they have to put in such an unstring wi undistinguished person in such an important spot. >> i take issue with that. you have to take into consideration issues, but i will say when it comes to one of the most important jobs of the treasury secretary, which is managing the budget, you can't have a better guy than jack lu. you can talk a lot about it. >> that is where i disagree. this is not, hang on a second. i'm going to give jimmy a whack at this. this is not the director of the office of managing the budget. that is where i used to work. this is about financial matters. this is about guys who know what goes on at the world's financial capitol. this is about guys who used to look after the currency and about guys who are going to have to deal with republicans over the debt ceiling and acc
we have government shut downs and debt ceilings. vice president sebiden is meeti with the nra and senator feinstein wants to ban handguns the kudlow report begins right now. >> cnbc contributor jared bernstein. i can't think of a single reason why they have to put in such an unstring wi undistinguished person in such an important spot. >> i take issue with that. you have to take into consideration issues, but i will say when it comes to one of the most important jobs of the treasury...
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ceiling, that is, if republicans don't agree to raise the debt ceiling. they would like the president to do almost anything he can, including what -- apparently what they call the constitutional option which is the 14th amendment in which the president would simply say that it's unconstitutional not to honor the nation's debt and simply refuse to go along with the debt ceiling itself. maria? >> all right. eamon, thanks very much. >> howard, given what eamon just reported and the fact that you made the statement that we need to cut spending a lot with the emif a sis on a lot, it doesn't sound like the president isn't ready to listen to you. >> when they did the fiscal cliff deal which was a relative nothing, raised a lot of taxes and didn't cut any spending. >> exactly. >> so when they did that deal, they kicked the cuts -- the cuts in the pentagon and the human services $1.2 trillion down the road for two months, so there may yet be a ton of spending cuts. that's what i'm hoping for, and i think -- i think the suggestion that there's got to be some signif
ceiling, that is, if republicans don't agree to raise the debt ceiling. they would like the president to do almost anything he can, including what -- apparently what they call the constitutional option which is the 14th amendment in which the president would simply say that it's unconstitutional not to honor the nation's debt and simply refuse to go along with the debt ceiling itself. maria? >> all right. eamon, thanks very much. >> howard, given what eamon just reported and the...
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i agree with you, a deal was made on sequestration in order to get the debt ceiling. should have to live with it. >> now this -- >> a deal is a deal. >> right. >> this sequestration -- this spending cut today was done a year ago and they raised the debt ceiling. they're a year behind. and you work for bill clinton. and i am an admirer of many of bill clinton's economic policies. bill clinton, gingrich, a handshake was a handshake. they said they cut spending, they cut spending. they said they'd reform welfare, they reformed welfare. these guys, it's like a floating crap game. i can't figure out who's on first and the money is going into which sewer. >> i do think ultimately it's not going to be the debt ceiling. that's one where congress almost by definition is going to lose. it's a poor place to have this discussion. it's going to happen in and around sequestration. and you made a point earlier about the fact why don't the republicans come up with a clear idea and clear frame. i think that applies to both democrats or republicans and i would submit the first side tha
i agree with you, a deal was made on sequestration in order to get the debt ceiling. should have to live with it. >> now this -- >> a deal is a deal. >> right. >> this sequestration -- this spending cut today was done a year ago and they raised the debt ceiling. they're a year behind. and you work for bill clinton. and i am an admirer of many of bill clinton's economic policies. bill clinton, gingrich, a handshake was a handshake. they said they cut spending, they cut...
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i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will
i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew...
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how much concern do have you about a fight over the debt ceiling? >> i think the debt ceiling is a dangerous thing to fight over. it did not go well in 2011. i hope we get a better and smoother resolution this time than we did that time. >> do you think that -- do you want congress and washington right now to be cutting spending? is that something that concerns you right now? >> well, i'm a monetary policy guy, so it is not up to me to recommend on this. but i do think that if you could set -- you know, get rid of the longer medium term and longer run on certainty about the u.s. fiscal outlook, i think it is a tremendous help for the u.s. economy. you only have so many dollars to spend. decide how you want it raise the money. >> easy for to you say, have you a lot of dollars to spend. you get to print them. >> indeed we do. >> thanks for joining us today. >> thanks for having me. >> jim bullard st. louis fed president. tyler, back to you. >> we print them, we print the money. jonathan, good to see you. kelly, let's get your reaction. i guess the rea
how much concern do have you about a fight over the debt ceiling? >> i think the debt ceiling is a dangerous thing to fight over. it did not go well in 2011. i hope we get a better and smoother resolution this time than we did that time. >> do you think that -- do you want congress and washington right now to be cutting spending? is that something that concerns you right now? >> well, i'm a monetary policy guy, so it is not up to me to recommend on this. but i do think that if...
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you have two months until this debt ceiling fight. to actually cut something. >> he is is going to run through the budget process. so really paul ryan is going to be back in the driver's seat. sarah, after the horrible tax argument which republicans mostly lost, maybe not as bad as it could have been, has the republican party had a burning bush experience now regarding spending and debt? >> well, i think -- look, i take a different view on boehner. he had a tough hand, he played it best he could. but now, republicans are in the driver's seat. and on this debt limit, there is no reason for them to not fight until the very last day to get at least a dollar of spending cuts for every dollar of debt ceiling increase. >> that's the boehner rule. >> that's the boehner rule. he has been very consistent that he's going to stand by that rule. >> jimmy williams, the democrats don't want to cut anything. they'll oppose the sequester spending limits and they wouldn't even have a measly cost of living adjustment. so sarah may be right on this. the
you have two months until this debt ceiling fight. to actually cut something. >> he is is going to run through the budget process. so really paul ryan is going to be back in the driver's seat. sarah, after the horrible tax argument which republicans mostly lost, maybe not as bad as it could have been, has the republican party had a burning bush experience now regarding spending and debt? >> well, i think -- look, i take a different view on boehner. he had a tough hand, he played it...
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anyway, debt ceiling be damned. we have two bosses who say they have to hire in spite of all of the noise coming out of washington. also flu fears are spiking. more and more states are getting hit and cases are getting worse so we will look at the big impact and a river does not run through it. how the shut down of one iconic waterway could cost thousands of jobs and billions to the american economy and royal digs. we take a look at what it could cost you to own a great british estate like downtown abbey. let's look at the markets. i know it doesn't feel like the markets are moving that much today but here is an amazing step that will blow your mind. this week, we will see the biggest weekly gains for three major averages, since december 2011. that's right, since december 2011. that's a long time ago, folks. why don't bewe get straight down to the floor of the new york stock exchange. rick santelli, we will get to you in a second at the cme. bob, apart from the jobs, what are people focussing on there today. >> its
anyway, debt ceiling be damned. we have two bosses who say they have to hire in spite of all of the noise coming out of washington. also flu fears are spiking. more and more states are getting hit and cases are getting worse so we will look at the big impact and a river does not run through it. how the shut down of one iconic waterway could cost thousands of jobs and billions to the american economy and royal digs. we take a look at what it could cost you to own a great british estate like...
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. >> let me turn your attention to the debt ceiling debate which will ramp up in earnest to the extent it didn't already on sunday morning talk shows. you were made aware of analysis that indicates we will hit that debt ceiling maybe even sooner or than the treasury will have to start taking its ex record to marry steps even sooner than we thought. so what happens if we really get to the point where we go over, and what the next steps? what does the treasury do? >> very difficult choices. the treasury would have to prioritize bill paying. they could do it by the day. do it by the type of expense they are going to repay. presumably sovereign debt would be repaid first. but given the fact this is unprecedented, never happened before, you could have the president reconsidering his assertion that he could not use executive authority. the president said he does not believe that under the constitution he can un latry raise the debt ceiling. but some disagree and urge him to do that. he said he will not negotiate with congress at all. so you have to think that is at east in the background. th
. >> let me turn your attention to the debt ceiling debate which will ramp up in earnest to the extent it didn't already on sunday morning talk shows. you were made aware of analysis that indicates we will hit that debt ceiling maybe even sooner or than the treasury will have to start taking its ex record to marry steps even sooner than we thought. so what happens if we really get to the point where we go over, and what the next steps? what does the treasury do? >> very difficult...
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i'm not as worried about the debt ceiling as everyone else because everyone else is worry good it. we got news, the big banks reached a settlement on the morning put-back issue with. fannie mae forking over $6.5 billion and selling back mortgages to fannie. and the problem gets put to bed. no more spending huge sums on legal bills, at least of the major ones i believe. no hear resign risks that makes investors to go to bed with this stock in their portfolio. and bank of america sold $200 billion in troublesome, i think, mortgage service rights to nationstar mortgage. the rights are confusing. suffice to say it was good for everybody. they sold these assets, and it's good for nsm and for bank of america. sure, all of the big banks and bank of america have run a lot lately. the stocks are still well off the all-time highs. and actually well off the highs of a couple of years ago. and i think as things get better in 2013, as people realize that so many of the worries that have held the banks down for so long are in the past, these stocks will continue to climb higher. the sector isn't
i'm not as worried about the debt ceiling as everyone else because everyone else is worry good it. we got news, the big banks reached a settlement on the morning put-back issue with. fannie mae forking over $6.5 billion and selling back mortgages to fannie. and the problem gets put to bed. no more spending huge sums on legal bills, at least of the major ones i believe. no hear resign risks that makes investors to go to bed with this stock in their portfolio. and bank of america sold $200...
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you can't negotiate over the debt ceiling. it was never done before, before 2011, it should never have been done. you want to know why the dollar's down 10%? >> yes. >> because we made this ridiculous deal on the fiscal cliff that increases spending. had we gone over, the market would be up and the dollar would be stronger because we would've done something about the deficit. the dollar has nothing to do with any fiscal irresponsibility on obama's part because i don't think he's fiscally responsible. it has to do with the deficit which i naturally blame on the republicans. >> steve forbes, i've got another one for you. this is -- maybe i shouldn't raise this, but obama raised this. obama is always accusing wall street fat cats, always talking about bonuses, obscene bonuses. well, for heaven sakes, jack lew was on wall street for a year. he ran the alternative investments at citibank and he got $1 million bonus to that and $1 million cash compensation on top of that. i don't begrudge him that. i'm a free market guy. but his bos
you can't negotiate over the debt ceiling. it was never done before, before 2011, it should never have been done. you want to know why the dollar's down 10%? >> yes. >> because we made this ridiculous deal on the fiscal cliff that increases spending. had we gone over, the market would be up and the dollar would be stronger because we would've done something about the deficit. the dollar has nothing to do with any fiscal irresponsibility on obama's part because i don't think he's...
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debt ceiling. >> what they also couldn't say is once we get to a bad june and the risk that washington, d.c. will destroy the economy drop, maybe we don't have to be so aggressive. but they can't admit that the roept they buy it this way is because they have -- but these minutes were before the fiscal cliff. >> i think the fed was so easy in part because -- >> oh, we should feel so good about what they came up with. no spending cuts and a just a big tax increase. gosh, they did such a great job. can you imagine the guy that will take a victory lap for not addressing our spending problems one iota? obama, how can you say you won and, gosh, be smiling and patting yourself on the back. >> because he defined the problem as not having enough tax revenue. but now we can see right after they do the cliff, we have s&p, moody's, the imf coming out and saying, this doesn't come close. the problem all along has been spending. t the republicans got the right issue and the wrong chart. >> the chart yesterday sh
debt ceiling. >> what they also couldn't say is once we get to a bad june and the risk that washington, d.c. will destroy the economy drop, maybe we don't have to be so aggressive. but they can't admit that the roept they buy it this way is because they have -- but these minutes were before the fiscal cliff. >> i think the fed was so easy in part because -- >> oh, we should feel so good about what they came up with. no spending cuts and a just a big tax increase. gosh, they...
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fiscal cliff, debt ceiling, how about guys like kevin doing amazing things? exact sciences. if this comes true, in other words, the fda gives the permission, you can see how big this can be. i like this story. stay with cramer. so if you have a flat tire, dead battery, need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it right here. someone help me!!! i have a flat tire!!! well it's good... good for me. what do you think? geico. fifteen minutes could save you fifteen percent or more on car insurance. ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. officemax can help you drive supply costs... down... ...and down. just use your maxperks card and get a case of x-9 paper for only 1-cent after maxperks rewards. find thousands of big deals now..
fiscal cliff, debt ceiling, how about guys like kevin doing amazing things? exact sciences. if this comes true, in other words, the fda gives the permission, you can see how big this can be. i like this story. stay with cramer. so if you have a flat tire, dead battery, need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it...
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you've got the debt ceiling, you've go the sequester. on march 11th, you get a continuing resolution or the government can't fund itself. >> but, again, we've seen all the upside to a solution being worked out, however bad that solution is, we've seen the gains based on what we saw last week? >> i think we have seen the gains. from here on in, it is dependant on the fundamentals, you get a better-than-expected earnings, you can with stand the fiscal flag on it. to me, those are the big factors that will drive the equity markets. >> when it comes to earnings and the season that kicks off tonight with alcoa, it's all going to be about guidance. we're not looking at the fourth quarter as much given all the weird things that happen. this is about how confident ceos are on the calls. >> i think it is about confidence. are companies going to send? what is the expectation for the consumer? >> at the end of 2012, it wasn't awful. it's still conforming to the slow growth sluggish economies have had. on top of that, you've now put on about 1.5% of
you've got the debt ceiling, you've go the sequester. on march 11th, you get a continuing resolution or the government can't fund itself. >> but, again, we've seen all the upside to a solution being worked out, however bad that solution is, we've seen the gains based on what we saw last week? >> i think we have seen the gains. from here on in, it is dependant on the fundamentals, you get a better-than-expected earnings, you can with stand the fiscal flag on it. to me, those are the...
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the debt ceiling, we're the only country on ert with a debt ceiling. there are other countries that have controls, including debt-to-gdp. debt as a percentage of the economy requirement but we're the only one that has a debt ceiling. the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget controls and i would argue a constitutional debt as a percentage of the economy limit. >> saying you could never go beyond -- >> that's right. >> what percent would that be? >> 120% of gdp, 100%. public debt we're about 75. total debt we're over 100 already. so depends on how you want to count it. let's recognize what it is. on the other hand, spending is a huge problem. we're going to have to reform social insurance programs. we're going to have to do a better job of controlling health care costs. we're going to have to engage in comprehensive tax reform. yes, we're go
the debt ceiling, we're the only country on ert with a debt ceiling. there are other countries that have controls, including debt-to-gdp. debt as a percentage of the economy requirement but we're the only one that has a debt ceiling. the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget...
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or could the debt ceiling derail your view on things? >> you know, i think we've been desensitizing, you know, all year long a little bit, joe, to some of these armageddon ending stories. last year was interesting. we had as many issues on the table, a spring swing in the economy. a slowdown landing in china, uncertain election, the fiscal cliff and yet the vix index hardly ever got above 20 during the year. whereas in 2010 and 2011 it spiked up to 45 during those panics where we just had an all-out stock market panic. so, i think every time we get through one of these, we desensitize more to it. i think the market also react less to the debt ceiling than they did to the fiscal cliff. >> okay. >> we get further and further away from the financial crisis and housing improves and the consumer seems a little bit better. unemployment gets a little bit better. people aren't as worried about losing their jobs. all of those things give it a firmer tone. >> i think so. i think that people are kind of starting to settle down in the idea that this
or could the debt ceiling derail your view on things? >> you know, i think we've been desensitizing, you know, all year long a little bit, joe, to some of these armageddon ending stories. last year was interesting. we had as many issues on the table, a spring swing in the economy. a slowdown landing in china, uncertain election, the fiscal cliff and yet the vix index hardly ever got above 20 during the year. whereas in 2010 and 2011 it spiked up to 45 during those panics where we just had...
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the debt ceiling or abyss? our -- >> both. >> our long-term problems or the debt ceiling? both? >> both. absolutely both. you know, it's maybe early -- >> everybody's got the leave off the zeros, it's compelling. making $22,000. we're spending 38, adding $16,000 to our credit card every year. >> and you owe -- >> we already owe $150 -- $162,000. that does -- that hits home. can you imagine a household trying to operate like that? >> people write back that the analogy is flawed because the household, as a household you're earning currency -- it shows how much we've overspent. >> we cut -- and we raised $38 or something. >> it's too small, right? at $600 billion over ten years, it's not even a drop in the bucket. and i think we get to the debt ceiling debacle perhaps, you know, we've already heard the bid offer starting. we've heard the democrats say, look, we want more revenues. have we fixed the tax issue? i don't think the markets completely appreciating that part of the debate. $600 billion, i think obama wanted $1.6 trillion. i think boehner got us to 800. that was the bid of
the debt ceiling or abyss? our -- >> both. >> our long-term problems or the debt ceiling? both? >> both. absolutely both. you know, it's maybe early -- >> everybody's got the leave off the zeros, it's compelling. making $22,000. we're spending 38, adding $16,000 to our credit card every year. >> and you owe -- >> we already owe $150 -- $162,000. that does -- that hits home. can you imagine a household trying to operate like that? >> people write back...
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you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix is you have to get the long positions and the options to push that up. i think this is expected volatility. i think it's going to be more of a lack of volume volatility. it's going to be one of those things where people don't want to take positions coming into that. january, i think, is going to finish positive. >> bob, thanks for joining thus morning. >> thank you. >> thank you. >>> coming up, we'll have more of the story that have us plucking this morning. plus, a new way for you to rise and is shine in the morning. plus, wake-up call
you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix...
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we have to get into discussions about the debt ceiling. >> well, i think the debt ceiling will cause some enhanced volatility from the february the 10th to march the 1st. we're likely to get a midnight solution on february the 28th. but the point is that i think the most difficult aspect of the negotiations was the issue of a tax increase. the republicans hadn't vote -- no republican congressman had voted for a tax increase in three years. 85 house of representatives members and the majority of the republican senators bothed in favor. so i would say that this suggests that the -- on fiscal issues is now a thing of the past. i mean, it's saying something quite strong, but i think we are much more likely to get a reasonable solution on march the 1st than seems likely until the middle of january the 1st this year. we're likely to get that solution. there will be a period of volatility for about 20 days in february. but once that's out of the way, i think all signals are green for risk assets this year. >> thanks for that. now let's get you up to speed with where we are on european globa
we have to get into discussions about the debt ceiling. >> well, i think the debt ceiling will cause some enhanced volatility from the february the 10th to march the 1st. we're likely to get a midnight solution on february the 28th. but the point is that i think the most difficult aspect of the negotiations was the issue of a tax increase. the republicans hadn't vote -- no republican congressman had voted for a tax increase in three years. 85 house of representatives members and the...
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declining oil prices and the debt ceiling negotiations and new revenue raised by taxing them. you know what? that's the same old, same old. i don't care. like kinder morgan. looking for an entry point. yield above 6%, and currently 5.77%. you know what? if it happens, before they report, i would pounce. bank of america reports on thursday morning. okay. could this be the breakout quarter for bac, b-a-c-. the funny thing about the market. when everyone expects something good, you tend not to go it. the stock super bowl momentarily. this is a long-term positive story that needs to be button weakness, it bothers me that the stock caught two -- not one, but two downgrades in the past week. as you will hear later, short term, some concern. that's just short term, though. citigroup, the first conference call from the new ceo. i will be listening to hear the strategy going forward. the last quarter was terrific, but the ceo got fired immediately after it in a weird and wild tenure. i think the story has calmed down. after the close, we'll get results from capital one. i bet we get on
declining oil prices and the debt ceiling negotiations and new revenue raised by taxing them. you know what? that's the same old, same old. i don't care. like kinder morgan. looking for an entry point. yield above 6%, and currently 5.77%. you know what? if it happens, before they report, i would pounce. bank of america reports on thursday morning. okay. could this be the breakout quarter for bac, b-a-c-. the funny thing about the market. when everyone expects something good, you tend not to go...
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. >> senator, what are you going to do for the debt ceiling? is there a plan that gets us -- it's not going to be a grand plan. >> as a matter of fact, yes. the cbo has got a big thick book, and it shows $4.9 trillion of ways we can reduce spending. it's a menu. >> but you don't think we'll be doing that. are you going to vote for -- >> we'll do dollar for dollar, whether $100 billion to increase the debt ceiling, $200 billion. take your pick, mr. president. >> thank you four a great two hours. "squawk on the street" begins right now. >>> congratulations to the alabama crimson tide, winners of the bcs college football championship for a second straight year. a third time in the last four years. what a run. it good morning, welcome to "squawk on the street." i'm melissa lee, live from the new york stock exchange. let's see how we're setting up on this tuesday morning. the futures look like we're tulg back here. t take a look at the picture. interesting economic data points out over there. eurozone hitting a record high. but a measure of consumer
. >> senator, what are you going to do for the debt ceiling? is there a plan that gets us -- it's not going to be a grand plan. >> as a matter of fact, yes. the cbo has got a big thick book, and it shows $4.9 trillion of ways we can reduce spending. it's a menu. >> but you don't think we'll be doing that. are you going to vote for -- >> we'll do dollar for dollar, whether $100 billion to increase the debt ceiling, $200 billion. take your pick, mr. president. >>...
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obligations, maybe the debt ceiling issue directly isn't the best avenue. the two-month delay on the sequester, do you think that's the best qualifier in your group of arrows to try. >> the best arrow in the quiver is the appropriation process. unfortunately for the process, it's the debt ceiling will happen first, followed by the continuing resolution lapse. so both are opportunities to try to curtail. they are coming in the wrong order. if a way to reverse that, i might be in favor of doing that to get them into the proper sequence. >> thank you. one final thought. in six months, when i have you on again and maybe a couple times interim, do you believe the discussion will be how many spending cuts the republicans in the house were able to be a catalyst toward with some great achievement that approaching a grand spending bill. could we have that conversation in six months? >> well, i would love it if we could, but let's be honest. we had a status quo election. the president wants to continue to spend money, so we continue to be the restraining order on the
obligations, maybe the debt ceiling issue directly isn't the best avenue. the two-month delay on the sequester, do you think that's the best qualifier in your group of arrows to try. >> the best arrow in the quiver is the appropriation process. unfortunately for the process, it's the debt ceiling will happen first, followed by the continuing resolution lapse. so both are opportunities to try to curtail. they are coming in the wrong order. if a way to reverse that, i might be in favor of...
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Jan 7, 2013
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treasuries with regard to debt ceiling, are they being real? whenever i have questions like this, i always go to the man. larry kudlow will be our guest in 20 minutes. you'll want to see this one. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> a sight for sore eyes. >> good morning. happy new year. fortunately or unfortunately i get about a thousand year-end reviews. one stood out this career. one is the asset manager firm. it's up to 20 plus years now, outperformed the s&p more than two to one of 28% last career, mark ten years significant value over the s&p. and so let's talk about some of the names on the 2013 forgotten 40 list. let's start out with gold foods. why is that on the list and tell us why you like it. >> sure. thanks for having me, first. gold is on there for two reasons. on
treasuries with regard to debt ceiling, are they being real? whenever i have questions like this, i always go to the man. larry kudlow will be our guest in 20 minutes. you'll want to see this one. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it....
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Jan 9, 2013
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nathan, you've got the debt ceiling debate on the horizon, even if we get another credit downgrade. you don't think that's a big risk either. >> look what happened when we had the last credit downgrade, maria, did just fabulous. bonds you'll get the coupon. look for a 9%, 10%, 11% return or you'll be very disappointed. i agree with rick, and i think what we'll get mostly is the coupon off the bonds. i still like large cap. i'm about 65% in large caps here in the united states. the rest of it is in large caps, in europe and over in asia, and i think that's particularly emerging market debt and emerging market stocks. i like those. we've also increased our stock position by about 5 p. my guess is that this congress is going to give us a few more opportunities, maria, to be buying as a dip before we get to the second half of the year, and when i find myself agreeing with merrill lynch as an independent adviser, i don't know, but i like what kate moore had to say. >> what you're saying basically is you've got to be in the market but look for the right places because we'll see selloffs a
nathan, you've got the debt ceiling debate on the horizon, even if we get another credit downgrade. you don't think that's a big risk either. >> look what happened when we had the last credit downgrade, maria, did just fabulous. bonds you'll get the coupon. look for a 9%, 10%, 11% return or you'll be very disappointed. i agree with rick, and i think what we'll get mostly is the coupon off the bonds. i still like large cap. i'm about 65% in large caps here in the united states. the rest of...
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Jan 10, 2013
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but if he could make a quick deal, on the debt ceiling and on the sequester, that would be enough. he would establish his bona fides very quickly with wall street if something positive could happen relatively soon on that front. >> let me just establish here, i'm not sure abraham lincoln could make a quick deal on the debt ceiling. >> on that note, here is the president. >> good afternoon, everybody. please have a seat. a little more than four years ago, i stood with mr. tim geithner and announced him as my first nominee to my cabinet. we were barely two months into the financial crisis. the stock marketed cratered. the housing marketed cratered as well. bank after bank was on the verge of collapse. and worst of all, more than 800,000 americans would lose their jobs in just that month. and the bottom was not yet in sight. so i couldn't blame tim when he tried to tell me he wasn't the right guy for the job. but i knew that tim's extensive experience with economic policy made him imminently qualified. and i also knew he could hit the ground running. as chairman of the new york federa
but if he could make a quick deal, on the debt ceiling and on the sequester, that would be enough. he would establish his bona fides very quickly with wall street if something positive could happen relatively soon on that front. >> let me just establish here, i'm not sure abraham lincoln could make a quick deal on the debt ceiling. >> on that note, here is the president. >> good afternoon, everybody. please have a seat. a little more than four years ago, i stood with mr. tim...
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Jan 9, 2013
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. >>> the relief, finally had positive action today, but we all know with the battles over the debt ceiling, we could be looking at very difficult moments over the next couple of months. and that's why all week we've been focusing on the noneconomic big jpmorgan health care conference starting on monday where biotech and pharma countries strut their stuff. this is a small billion dollar biopharma firm focused on neuroology. back in 2010, accorda received approval for a drug called emperia that helps people gain their ability to walk. talk about how horrible this disease is, but it is also a lucrative disease for those who are trying to combat it, why? because it's a lifelong chronic condition. at this point, though, accoacor has gotten all the low-hanging fruit. the really impressive thing about this story is they could have multiple implications. that's the holy grail of the drug business. right now acorda is conducting phase two studies seeing if it can work on people with cerebral palsy. half of them have mobility issues. these additional indications are still in the early stages of bein
. >>> the relief, finally had positive action today, but we all know with the battles over the debt ceiling, we could be looking at very difficult moments over the next couple of months. and that's why all week we've been focusing on the noneconomic big jpmorgan health care conference starting on monday where biotech and pharma countries strut their stuff. this is a small billion dollar biopharma firm focused on neuroology. back in 2010, accorda received approval for a drug called...
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jim grant from grant's interest rate observer here with a big warning about the debt ceiling fight, and it may not be what you think he'd say. plus, are women better hedge fund managers than men? maria says yes. a new study agrees. we'll speak with the person behind the data. >> let check the markets right now as we approach the final hour with the dow jones industrial average at highs of the day. take a look at that chart. real momentum going into the close. up 70 point on the dow jones industrial average here. pretty broad-based as well, 13,460, last trade of the blue chip average. nasdaq composite inching back towards the high of the day. noted a it though on the nasdaq, but as you can see, gains of about 11 points and the standard & poor's are 500 index, similar chart pattern here, looking into momentum heading into the close, with a gain on the session of nine points. >> maria, in today's closing bell exchange steven wood and lee munson and our very own rick santelli and gordon charlesoff as well, a cnbc market analyst from rosenblatt securities will join us in just a minute. steve
jim grant from grant's interest rate observer here with a big warning about the debt ceiling fight, and it may not be what you think he'd say. plus, are women better hedge fund managers than men? maria says yes. a new study agrees. we'll speak with the person behind the data. >> let check the markets right now as we approach the final hour with the dow jones industrial average at highs of the day. take a look at that chart. real momentum going into the close. up 70 point on the dow jones...
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Jan 5, 2013
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when you consider the fiscal cliff worries and the debt ceiling over hang gives people reason to be down beat in order to reset the bar so it can be easily beaten. [ boo ] it could make the earnings season the most difficult one in years. [ ghost ] >> that said, we're not quitters. we give you a game plan. we'll be listening for more than just quarterly reports next week. starting monday we'll try to get a read on one of my favorite groups and not that economically sensitive. the bio techs. we're doing it courtesy of the jp morgan pharma conference. it's the most important conference of the year. i love this group so much. the health care con fab. what are we listening to? you know what i want to hear? cellgene speaks at 11:00. they are located in summit new jersey and so am i. we stuck with this one through thick and thin. how many times did people desert it? we haven't. i think it's going to be a great 2013 story. then at 2:30 we look forward to hearing from a favorite who defied all expectations withdrawing the promising als drug due to lack of efficacy. the stock barely dropped. how
when you consider the fiscal cliff worries and the debt ceiling over hang gives people reason to be down beat in order to reset the bar so it can be easily beaten. [ boo ] it could make the earnings season the most difficult one in years. [ ghost ] >> that said, we're not quitters. we give you a game plan. we'll be listening for more than just quarterly reports next week. starting monday we'll try to get a read on one of my favorite groups and not that economically sensitive. the bio...
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now we have the debt ceiling debate. so certainly we cost ourselves thousands, tens of thousands, maybe hundreds of thousands of jobs over the last several months because of this whole debacle. >> i'll tell you, i think the bipartisan agreement that was agreed to did help to provide the kind of effort that the public, the american public wanted to see. and we're going to continue to see that move along. i know that the president has the support of the public. i don't think -- it's not for the president not wanting to do things. you have to have two people cooperating. >> madam secretary, the question, though, is simple, was there an impact on hiring in your estimation because of the fiscal cliff? and we ask that, because we're entering another phase in which we have to deal with spending cuts and the debt ceiling. so was there an impact, and then, will we see an impact in the next couple of months? >> i did not see a dramatic impact in this job report. i mean, if you look at the unemployment rate, it stayed about the sam
now we have the debt ceiling debate. so certainly we cost ourselves thousands, tens of thousands, maybe hundreds of thousands of jobs over the last several months because of this whole debacle. >> i'll tell you, i think the bipartisan agreement that was agreed to did help to provide the kind of effort that the public, the american public wanted to see. and we're going to continue to see that move along. i know that the president has the support of the public. i don't think -- it's not for...
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the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial crisis. the global finance job. who is the treasury secretary? he's the guy you need to stand up during the next meltdown. second thing, dodd-frank remains out there, unfinished regulations. basil 3. fannie mae and freddie mac as well as more on too big to fail. that's some of the new stuff. how about the old stuff in not an easy job either. he's the main spokesman for the greenback. he will negotiate with china and other partners, as well. and then he's the representative when it comes to the g-20, the imf, world bank and of course what about that other thing, he is the liaison with the business commun
the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial...
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if we have a problem with the debt ceiling. china is straight up. what is klaus's view on china? he thinks the new regime came in and said, you know what, we've been way too tight, way too worried about inflation. let's put on the jets, infrastructure spend. what i think they're developing in china, and i candidly get this from klaas, it's a sewer situation. i know that sounds strange. but literally they've got to do infrastructure underneath the cities. there's trillions of dollars to spend. i like the call for what he says about china. it is bullish. >> as a theme, a year where a lot of investors i've talked to, it's somewhat themeless. so they're looking for things that they can build a portfolio. >> china, autos, trucks. talking about 11% growth, back to double digit growth in china, i listened to byron. i wanted to slit my throat because he's aggressive about the s&p. now back to china. >> byron on china said the reformers are actually going to make some traction this year, and shares up 20%. >> that is all good news. so instead of being emergency trach yo tracheotomy with a
if we have a problem with the debt ceiling. china is straight up. what is klaus's view on china? he thinks the new regime came in and said, you know what, we've been way too tight, way too worried about inflation. let's put on the jets, infrastructure spend. what i think they're developing in china, and i candidly get this from klaas, it's a sewer situation. i know that sounds strange. but literally they've got to do infrastructure underneath the cities. there's trillions of dollars to spend. i...
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. >> pete, the debt ceiling debate is likely to get ratcheted up. all of these things are like live to keep a bid in bonds simply because of the volatility that will bring. >> how about the bid in something like the pharmaceutical sector, the utilities and murph brought it up earlier, when you can buy protection now and get yourself into positions that you think not only will increase but a case in like a merck, i've been in merck for a while, getting a 4% dividend yield. i haven't had a reason yet to decide when and if i'm going to buy some put protection. but for those that are far more conservative than i am, that certainly would be something that would flash in your brain. i'd rather be there far more than i would in bonds. >> td ameritrade reveals how investors really feel about the markets. >> and yum brands weather the shares. and we go to the largest tech trade show. >> verizon is making news and its ceo will join us after the break. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, ge
. >> pete, the debt ceiling debate is likely to get ratcheted up. all of these things are like live to keep a bid in bonds simply because of the volatility that will bring. >> how about the bid in something like the pharmaceutical sector, the utilities and murph brought it up earlier, when you can buy protection now and get yourself into positions that you think not only will increase but a case in like a merck, i've been in merck for a while, getting a 4% dividend yield. i haven't...
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ceiling negotiations might include new revenue raised by taxing them. you know what, that's the same old-same old. i don't care about it. i like kinder morgan. i'm looking for an entry point for you. if the yield goes above 6%, currently 5.77%, you know what, if it happens before this they report i would pass. bank of america reports in 30. okay. could this be the break-out quarter for b-a-c, bac is back. a lot of people participating. when everyone is expecting something good, you tend not to get if. we're going to go over theton stock in the super bowl momentarily. be aware this is a long-term positive story that needs to be bought on weakness, including anything you might get from earnings. it bothers me that the stock put two downgrades in the last week. as you hear later, short-term, some concern. just short-term, though. we also hear from citigroup. this will be the first conference call from the new ceo, michael corbatt. i will hear about what the strategy is going forward. remember, the last quarter was terrific, but then they panned it, got fir
ceiling negotiations might include new revenue raised by taxing them. you know what, that's the same old-same old. i don't care about it. i like kinder morgan. i'm looking for an entry point for you. if the yield goes above 6%, currently 5.77%, you know what, if it happens before this they report i would pass. bank of america reports in 30. okay. could this be the break-out quarter for b-a-c, bac is back. a lot of people participating. when everyone is expecting something good, you tend not to...
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ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 and '94, special to president clinton. and that's what john harwood was talking about. incredible expertise with the budget. moving on in 2006, new york university as executive advice president. then a stint at citigroup. first at global wealth management and next in a controversy by the way that comes up with a large bonus he got while citigroup was getting tart mone
ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know...
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. >> one thing that worries some people, though, is the upcoming debates over the debt ceiling is going to be even more contentious, much more contentious, possibly, than the fiscal cliff debate that we just had. how damaging might that be to the economy in your opinion? >> i think you're going to work things out. i don't see the government stopping. i think they are going to work out and get over this next cliff. i'm not sure it's a cliff. it's just a small hill to climb. >> a small hill to climb. i think you might be in the minority on that one, mr. broad, but i'll give it to you. tell me about the los angeles economy specifically. you said you think the economy overall is getting better. what about l.a.? >> l.a. is doing a lot better. unemployment is down. it's now in single digits versus double digits in the past. we've got a number of major construction projects, including our museum, including things happening at the airport and elsewhere. there are lots of companies coming to los angeles. there are a lot of people from los angeles wanting to move downtown to grand avenue where al
. >> one thing that worries some people, though, is the upcoming debates over the debt ceiling is going to be even more contentious, much more contentious, possibly, than the fiscal cliff debate that we just had. how damaging might that be to the economy in your opinion? >> i think you're going to work things out. i don't see the government stopping. i think they are going to work out and get over this next cliff. i'm not sure it's a cliff. it's just a small hill to climb. >>...
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. >> i have not heard you mention the debt ceiling debate. how are you working that into your strategy? >> i'm really bad at guessing. that's sort of where i try to be a more practical strategist where i can point to things and say, okay, this is happening. >> tony, it's not a guess. >> it's coming up. it's volatility. >> may? tony, you passed that off -- yeah, may rain tomorrow. >> you mean like the fiscal cliff? >> this is fiscal cliff 2.0. >> do we default? >> you guys are "fast money." i'm a guest on this show because i love because i'm not. >> i actually take offense to that. we are not all "fast money." in some cases creating that is good. there are those of us on this desk that have owned stock for over five years. >> if i get hit by a bus tomorrow i hope that doesn't happen because i just hope it doesn't happen but the one message i want to leave with you guys and the audience is the only time that you have a sustainable drop in the economy and in the market is when money availability begins to shut down. money availability continues
. >> i have not heard you mention the debt ceiling debate. how are you working that into your strategy? >> i'm really bad at guessing. that's sort of where i try to be a more practical strategist where i can point to things and say, okay, this is happening. >> tony, it's not a guess. >> it's coming up. it's volatility. >> may? tony, you passed that off -- yeah, may rain tomorrow. >> you mean like the fiscal cliff? >> this is fiscal cliff 2.0. >>...
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as everybody's been talking about, the debt ceiling crisis is going to be the next big hurdle that we overcome. if that passes without much problems, i do think that thesis could be real. if we get into a situation where we have massive stand ooff and that creates a stall in the u.s. economy, that could go out the window. >> we have been here before with this -- >> we have been here before. i'm looking at the analysis and feel like i'm in january 5, 2012. so many smart people said the dollar is going to go up. the yen is going -- the yields are going to go up, stocks are going up because of the cyclical advantage driven by the u.s. that didn't happen. i think this trifecta could actually happen. but for a brief period of time in the second half. it will happen. whenever you see some hawkish minutes from the fomc, several members with -- in english, one or two, don't want to extend the asset purchase until the end of the year. that might be a good boost for the dollar. it might be good for yields. but in the currency market, there is something called the dollar. the dollar does not mov
as everybody's been talking about, the debt ceiling crisis is going to be the next big hurdle that we overcome. if that passes without much problems, i do think that thesis could be real. if we get into a situation where we have massive stand ooff and that creates a stall in the u.s. economy, that could go out the window. >> we have been here before with this -- >> we have been here before. i'm looking at the analysis and feel like i'm in january 5, 2012. so many smart people said...